#1,194: Are Your KPIs Lying To You?

Key performance indicators are fundamental to a successful practice. But what about their dark side? Kiera shares how to know whether those metrics are telling you the right information or not, including what a false sense of KPI security can look like, common mistakes when reviewing those numbers, and how to keep your greater vision in tune with the indicators.

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Transcript:

Kiera (00:00)

Hello, Dental A Team listeners, this is Kiera, and today's topic makes me giggle. because I feel like I'm such like hot to trot on KPIs, and I talk about them all the time. And this is gonna be like the other side of the coin of KPIs. And are your KPIs actually lying to you? Dun dun dun, like are those metrics actually not telling you what you want to know on it, like makes me giggle. And I loved because we've been podcasting for golly, so many years. I mean, I think about the conversations we've had together, the

tactical tips, the leadership growth, the confidence in becoming a CEO and running your business. And if you're not there, great. Come join us. Like let's take the easy route. You don't have to listen to all thousand plus episodes. you can take the like hit that easy button. My last name used to be Staples. So hit that easy button and come join us. But I felt like today would be a fun twist for myself as a podcaster and a podcast host of let's talk about like when do your KPIs actually lie to you because you can have some sexy numbers but still not be making money. And you'll be like, well what is going on?

Right? Your CP is like, you're doing great. And you're like, but I feel broke. your trainer at the gym is like, you're doing great. And you're I don't have the six pack. I feel like KPIs can be lying to you. And so I think it's a like, let's make sure that our numbers are telling us the entire story. And let's make sure that if they're healthy, our practice really is healthy and you know how to use your KPIs rather than be used by those KPIs. So number one, I hope you're tracking KPIs. If you don't know what a KPI is, it's a key performance indicator. I call them the vitals of your practice. So let's make sure that our

Our height, our weight, our blood pressure, our heart rate, all those are healthy and that they're tracking correctly. And if not, then like let's figure out how to fix those for your practice. Because they're not like our KPIs aren't a report card. They're KPIs are clues. And our whole consulting team, we have a KPI scorecard, and we all know that that is like the tip of the iceberg. And if one of those numbers is off or if all of them aren't looking right, we need to go and dig and dig and dig to make sure that they're correct. So I want to walk you guys through how something like KPIs can create some false sense of security, which ones to look for.

What are some mistakes that people often have when they do review their numbers? And then what are like maybe a couple of ways for us to make sure that those metrics are actually helping you to make better decisions? So, as you guys know, we're Dental A Team. I'm Kiera Dent. I'm obsessed with all things dentistry and obsessed with you. I want you to have your yes success life. I want you to have everything you want. I want your practice to serve your life. I want you to be profitable and successful. I want you to have structure and systems and stability where you just feel confident to be able to scale to the level that you want. There is no